Chesapeake Energy Corporation Announces Significant New Discovery in the Hogshooter Play of the Texas Panhandle and Western Oklahoma

Chesapeake Energy Corporation (NYSE: CHK) today announced a significant
new discovery in the Hogshooter play in the Anadarko Basin of the Texas
Panhandle and western Oklahoma. Chesapeake owns approximately 30,000 net
acres in the play, which are more than 90% held by production (HBP) from
its legacy deeper Granite Wash production.

Chesapeake has completed two horizontal wells in the Hogshooter
formation to date. The Thurman Horn 406H well was drilled to a vertical
depth of approximately 10,000 feet with a lateral section of
approximately 4,900 feet. This successful exploratory well was drilled
more than five miles from established Hogshooter production, but in a
section of land where three wells had already been drilled to other
formations. During its first eight days of stabilized production, the
well averaged daily production of 5,400 barrels (bbls) of oil, 1,200
bbls of natural gas liquids (NGL) and 4.6 million cubic feet of natural
gas (mmcf), or approximately 7,350 bbls of oil equivalent (boe) per day.
Total cumulative production, which includes five days of flowback
testing, is 68,400 boe. Current daily production is approximately 7,000
boe.

The Meek 41 9H well, located approximately five miles from the Thurman
Horn 406H, was drilled to a vertical depth of approximately 10,500 feet
with a lateral section of approximately 4,800 feet. During its first 27
days of stabilized production, the well averaged daily production of
1,300 bbls of oil, 365 bbls of NGL and 1.4 mmcf, or approximately 1,900
boe per day. Total cumulative production, which includes five days of
flowback testing, is 53,500 boe. Current daily production is
approximately 1,400 boe.

In addition to the wells mentioned above, Chesapeake has drilled two
Hogshooter wells that are waiting on completion, the Zybach 6010H and
the Hamilton 39 10H. The company′s average working interest in the four
wells is approximately 88%. The company estimates its acreage position
contains at least 65 more Chesapeake-operated Hogshooter locations to
drill during the next few years. The drilling and completion of these 65
wells will be a part of the company′s already budgeted Anadarko Basin
drilling program and should result in no increase to the company′s
budgeted capital expenditures. Chesapeake had none of the 65 potential
future Hogshooter wells classified as proved reserves in the company′s
March 31, 2012 reserve report.

Aubrey K. McClendon, Chesapeake′s Chief Executive Officer, said, 'We
expect this new Hogshooter discovery to provide a significant boost to
Chesapeake′s focus on harvesting its existing assets for growth and
value creation rather than on pursuing new leasehold. In addition, this
new Hogshooter development area should further enhance our growing
liquids production, which we expect will have transformational effects
on our company′s operational and financial performance in the years
ahead. Further, based on production results to date and our research of
industry production records, we believe the Thurman Horn 406H well is
one of the best oil wells drilled onshore in the Lower 48 in the past
several decades. This discovery exemplifies the scale and quality of our
world-class asset base and the skill and creativity of our technical
teams. Their hard work and determination is continuing to create
significant additional value for our shareholders and other
stakeholders.?

Chesapeake Energy Corporation (NYSE:CHK) is the second-largest
producer of natural gas, a Top 15 producer of oil and natural gas
liquids and the most active driller of new wells in the U.S.Headquartered
in Oklahoma City, the company's operations are focused on discovering
and developing unconventional natural gas and oil fields onshore in the
U.S.Chesapeake owns leading positions in the Marcellus,
Haynesville, Bossier, and Barnett natural gas shale plays and in the
Eagle Ford, Utica, Mississippi Lime, Granite Wash, Cleveland, Tonkawa,
Niobrara, Bone Spring, Avalon, Wolfcamp and Wolfberry unconventional
liquids plays.The company has also vertically integrated
its operations and owns substantial marketing, midstream and oilfield
services businesses directly and indirectly through its subsidiaries
Chesapeake Energy Marketing, Inc., Chesapeake Midstream Development,
L.P. and Chesapeake Oilfield Services, L.L.C. and its affiliate
Chesapeake Midstream Partners, L.P. (NYSE:CHKM).Further
information is available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.

This news release includes 'forward-looking statements' that give
Chesapeake's current expectations or forecasts of future events.
Although we believe the expectations and forecasts reflected in our
forward-looking statements are reasonable, we can give no assurance they
will prove to have been correct. Our drilling plans and production
projections for the Hogshooter play can be affected by inaccurate
assumptions or by known or unknown risks and uncertainties, and actual
results may differ from the expectation expressed. Factors that could
cause actual results to differ materially from expected results are
described under 'Risk Factors' in our 2011 Form 10-K filed with the U.S.
Securities and Exchange Commission on February 29, 2012 and include the
volatility of oil, natural gas and natural gas liquids prices; the
availability of capital on an economic basis; drilling and operating
risks, including potential environmental liabilities; legislative and
regulatory changes adversely affecting our industry and our business;
general economic conditions negatively impacting us and our business
counterparties; and transportation capacity constraints and
interruptions. We caution you not to place undue reliance on our
forward-looking statements, which speak only as of the date of this news
release, and we undertake no obligation to update this information.

Chesapeake Energy Corporation

Jeffrey L. Mobley, CFA, 405-767-4763

jeff.mobley@chk.com

or

John
J. Kilgallon, 405-935-4441

john.kilgallon@chk.com

or

Media
Contacts:

Michael Kehs, 405-935-2560

michael.kehs@chk.com

or

Jim
Gipson, 405-935-1310

jim.gipson@chk.com